PriceSmart (PSMT) Downgraded by Scotiabank

PriceSmart (NASDAQ:PSMT) was downgraded by Scotiabank to a “hold” rating in a research note issued on Friday. They presently have a $90.00 price objective on the stock. Scotiabank’s target price would indicate a potential upside of 10.77% from the company’s previous close.

A number of other equities analysts have also recently weighed in on PSMT. Zacks Investment Research raised PriceSmart from a “sell” rating to a “hold” rating in a report on Tuesday, September 12th. Ifs Securities initiated coverage on PriceSmart in a report on Monday, September 25th. They set a “market perform” rating and a $85.00 price objective on the stock. Roth Capital reissued a “buy” rating and set a $100.00 price objective on shares of PriceSmart in a report on Monday, October 2nd. TheStreet raised PriceSmart from a “c+” rating to a “b” rating in a report on Monday, October 23rd. Finally, BidaskClub cut PriceSmart from a “hold” rating to a “sell” rating in a report on Thursday, December 21st. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $92.75.

Shares of PriceSmart (PSMT) traded down $6.60 during midday trading on Friday, hitting $81.25. The company had a trading volume of 486,313 shares, compared to its average volume of 89,443. The stock has a market cap of $2,470.32, a PE ratio of 28.02 and a beta of 1.31. The company has a current ratio of 1.40, a quick ratio of 0.55 and a debt-to-equity ratio of 0.12. PriceSmart has a 52 week low of $78.00 and a 52 week high of $94.00.

PriceSmart (NASDAQ:PSMT) last announced its quarterly earnings data on Thursday, January 4th. The company reported $0.74 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.82 by ($0.08). The firm had revenue of $767.10 million for the quarter, compared to analysts’ expectations of $764.67 million. PriceSmart had a net margin of 2.92% and a return on equity of 12.81%. The business’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.82 earnings per share. sell-side analysts anticipate that PriceSmart will post 3.2 earnings per share for the current fiscal year.

In other PriceSmart news, EVP John D. Hildebrandt sold 1,614 shares of PriceSmart stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $83.47, for a total value of $134,720.58. Following the transaction, the executive vice president now directly owns 17,237 shares of the company’s stock, valued at approximately $1,438,772.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sherry S. Bahrambeygui sold 5,700 shares of PriceSmart stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $82.62, for a total value of $470,934.00. Following the completion of the transaction, the director now directly owns 125,813 shares in the company, valued at $10,394,670.06. The disclosure for this sale can be found here. Insiders sold a total of 44,997 shares of company stock worth $3,683,782 over the last ninety days. Insiders own 28.00% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Citigroup Inc. grew its position in shares of PriceSmart by 18.5% in the 2nd quarter. Citigroup Inc. now owns 1,411 shares of the company’s stock worth $124,000 after buying an additional 220 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of PriceSmart by 16.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 1,464 shares of the company’s stock worth $128,000 after buying an additional 206 shares during the last quarter. Ameritas Investment Partners Inc. grew its position in shares of PriceSmart by 12.1% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,940 shares of the company’s stock worth $170,000 after buying an additional 210 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of PriceSmart by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,965 shares of the company’s stock worth $172,000 after buying an additional 295 shares during the last quarter. Finally, Advisor Group Inc. grew its position in shares of PriceSmart by 1.6% in the 2nd quarter. Advisor Group Inc. now owns 2,433 shares of the company’s stock worth $213,000 after buying an additional 39 shares during the last quarter. 72.83% of the stock is currently owned by institutional investors and hedge funds.

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PriceSmart Company Profile

PriceSmart, Inc, through its subsidiaries, is engaged in the international operation of membership shopping in warehouse clubs. In addition, the Company operates distribution centers and offices in the United States. The Company’s segments include the United States, Central America, the Caribbean and Colombia.

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